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Tackling Debt

  • Paying yourself should always be your priority even if you’re in debt.
  • Practice the one more day technique. Hold off on purchasing something and test how much you need it. You’ll feel rewarded when you see yourself saving more by going without certain items.
  • Modern-day success is not about earning the most revenue, hiring more employees, and having the biggest office spaces. It is about generating the most profit through the fewest employees with the least expensive office space.
  • You cannot add new debt as you pay the old debt off. Pay your smallest debt off first.

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Accountability Groups

The benefits of accountability groups:

  • Having accountability partners can make a potentially challenging experience bearable
  • Enforcing a plan or a system with others ensures that you are more likely to do your part
  • When you regularly meet with an accountability group, y...

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MIKE MICHALOWICZ

Innovation in business and efficiency comes from big, bold questions.

MIKE MICHALOWICZ

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Money and Efficiency

  • 95% of your company’s profitability depends on what goes on beneath the surface (after the sales), and not the sales themselves.
  • Serve your clients with the same or very similar problems, using your one consistent solution to solve the problems.
  • The key to being efficient is ...

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The Health of a Business

A great business is one that has healthy profits. And as business gets healthier, taxes will increase.

Profitability isn’t an event. It’s a habit. Profitable habits practiced consistently cause a company to be financially healthy. 

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The Profit First Diet

The Profit First Diet

  • Use small plates: When money comes into your main operating account, immediately dispense it into different accounts in predetermined percentages for profit, owner pay, taxes and, consistently operating expenses
  • Serve sequentially: Always move your m...

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Manage your Debt wisely

Manage your Debt wisely

In case you have a lot of debt to shoulder, start paying off the most expensive one. 

The credit card has been regarded as the most expensive form of debt. As soon as your salary gets credited each month, pay off your credit card balances in full. Don’t fall for the lure of paying off the m...

The snowball debt method

The snowball debt method

With this method, you pay off your debts from the smallest balance to the largest balance, regardless of interest rates.

When you pay the smallest debts first, you start to clear your low debts away very quickly. Doing this feels empowering. Once you've paid off a debt, yo...

How to deal with your debt

Try to transfer your debt onto a zero-interest credit card (also known as a balance-transfer card). It will give you a limited time window where your debt won't accrue interest and allow you to get rid of your debt faster. But ensure you can pay it off within that window, otherwi...

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